BeiGene stock catapulted higher Wednesday after the company's leukemia treatment beat out a blockbuster drug from Johnson & Johnson in tests.
The Beijing-based biotech company tested its drug, Brukinsa, against J&J's Imbruvica in patients with chronic lymphocytic leukemia. Patients who received the BeiGene drug lived longer without their cancer worsening than Imbruvica recipients — a measure called progression-free survival. Brukinsa also led to a better rate of overall responses.
"The positive result adds to the growing body of evidence underpinning our belief in the potential for Brukinsa to provide new hope for (chronic lymphocytic leukemia) patients facing this intractable disease," BeiGene's Mehrdad Mobasher said in a written statement. Mobasher is the company's chief medical officer for blood diseases.
On today's stock market, BeiGene stock soared 20.6% to 151.30. J&J edged down a fraction to 162.69.
BeiGene Stock: Taking On Imbruvica
Chronic lymphocytic leukemia, or CLL, is a rare type of cancer in the blood and bone marrow.
BeiGene is seeking approval in the U.S. for Brukinsa in patients with the condition. The Food and Drug Administration is set to make a decision on BeiGene's application by mid-January. Brukinsa is already approved in other types of blood cancer.
The Phase 3 test involved 652 patients with CLL across Europe, the U.S., China, New Zealand and Australia. Patients received either Brukinsa or Imbruvica.
The positive results could help BeiGene grab some of Imbruvica's market. In the first six months of this year, Imbruvica generated more than $2 billion in sales. As BeiGene stock surged, J&J shares also rose a fraction, near 163.30, midday Wednesday.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
This story has been corrected to reflect the fact Brukinsa led to a better overall response rate.
